Net Worth Statement Instructions

Transcription

1 Financial Net Worth Net Worth Statement Instructions Enter the current value of each item in the Value column. If you own a house, for example, list the current market value. For some help with this, you could use but keep in mind that its estimate will likely be on the low side. Then put the amount that you owe on each item, if any, in the Debts column. You can get an estimate of the value of your vehicles at For your home and any vehicles on which you are making payments, the current amount owed may be on your most recent statements or an amortization table on your original contract, or you may have to call your lenders. For credit cards, only include those that you do not pay off each month. Of course, some items, like a savings account, have value but no debt. Others, like credit card balances, have debt but no value. Experiential Net Worth One shortcoming of financial net worth statements is that they fail to account for charitable donations you ve made, experiences you ve had such as memorable vacations, investments you ve made in your education or the educations of your children. Use the Experiential Net Worth form to indicate some of these elements and any others you can think of that don t show up on a traditional net worth statement. You don t need to capture everything here, just some of the ways you ve spent money in the past year that led to some of your most memorable, satisfying experiences. Add whatever details you d like. You don t need to put a dollar value on each item. For giving, you might just list the organization that you contributed money to under Experience and something about the work that the organization does under Details. For vacations, list the place you visited under Experience and something memorable about the trip under Details. Emotional Net Worth This is the most subjective form of net worth -- a snapshot of how you feel about your financial situation right now. Answer the questions listed on the form and then give yourself an overall score. As you think about these three elements of your net worth your financial net worth, experiential net worth, and emotional net worth are you pleased with what you see? Did this exercise remind you of some deeply satisfying ways you used money in the past year? Did it bring back some good memories? Or do Copyright 2012 Matt Bell All Rights Reserved

2 you see some room for improvement? Use these three aspects of net worth to guide your goal setting for next year. Copyright 2012 Matt Bell All Rights Reserved

3 Experiential Net Worth Experience Details Giving Vacations Education Other Copyright 2009 Matt Bell All Rights Reserved

4 Emotional Net Worth Statement 1. I argue about money with the people I care about. 2. I feel stressed about money. 3. I lose sleep because of financial concerns. 4. I feel unhappy because there s something I d like to buy that I can t afford. 5. I feel envious about what other people own. 6. I m confident that I m saving enough. 7. I believe I m making a difference in the world with the money I donate. 8. I have a sense of peace about money.

5 9. My use of money is an expression of my highest priorities and commitments. 10. I live with a sense of freedom with regard to money. Now review your answers. There s no magic formula for scoring your answers. Just take a look at how you responded to the questions. Based on those responses, how would assess your overall emotional net worth? Very Somewhat Somewhat Very Weak Weak Strong Strong